Firstly exploration includes more activities than drilling.
Secondly they have done drilling at other projects, namely a gold project in Victoria
Thirdly they have drilled more than a couple of holes at GC
Fourthly MNM have one the lowest paid management teams, and directors take their payment in shares not cash and also contribute nearly always in full to credit raising.
So on every single point you are wrong, hope this helps with your understanding.
MNM Price at posting:
1.2¢ Sentiment: Buy Disclosure: Held